Keep up-to-date with the key developments affecting the financial services sector.

Key areas this month include:

Insurance
The Reserve Bank has relaunched its review of the Insurance (Prudential Supervision) Act 2010, starting with an initial policy paper. Additionally, the Reserve Bank is reviewing the solvency standards for insurers; as a first step, it is consulting on the review principles and timeline.

Cyber resilience - banks, NBDTs, and insurers
The Reserve Bank has issued a consultation paper that outlines its cyber resilience expectations of banks, non-bank deposit takers, and insurers and presents a draft of its cyber risk management guidance for them.

Privacy
From 1 December 2020, a new information privacy principle, IPP 12, will apply to the disclosure of personal information to overseas organisations. The Privacy Commissioner has issued guidance on IPP 12, together with model contract clauses. The NotifyMe online tool has been launched to report notifiable breaches, with guidance notes for users.

NZX
The direct listing disclosure requirements in the NZX Listing Rules have been amended. The NZX has also issued updated guidance on continuous disclosure.

For a full copy of this month's update, please register on our law guides page here.